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ECB Also: the regulators do not offer safety and security in a drive for innovation

FILE PHOTO: Governor of the Bank of France, and Francois Villeroy de Galhau, a speech given at a conference entitled, “Bretton Woods: 75 years later”, in Paris, on July 16, 2019. REUTERS/Philippe Wojazer/File Photo

PARIS (Reuters) – The world’s financial regulators do not offer protection for the sake of innovation, the Bank of France, the head of the European Central Bank, policymaker, Francois Villeroy de Galhau said on Thursday.

The finance ministers of the Group of Seven leading nations have cast a cloud over the outlook for Facebook’s Scale, digital coin-in on Wednesday, calling for difficult regulatory issues would need to be worked out first.

“The financial regulators have been favorable in the direction of innovation. However, that may not be to the detriment of the safety and security of the consumer,” Also told BFM Business radio.

Also, said the regulators wanted to “reply” to their local area, there is doubt as to the Scale in October.

Facebook is planning to launch a digital currency, has been met with a chorus of criticism and concern from regulators, central banks and governments, saying the need to take the anti-money laundering rules, and to ensure the safety and security of the transaction, and the information of the user.

There is also a deeper worry is that the powers of the big tech companies have been increasingly encroaching on areas that belong to the government, such as the issuance of the currency.

Reporting by Sudip Kar-Gupta and Yann Le Guernigou

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